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Bal of Sum TFF Upside Subdued by High Storage, Weak Demand: Timera


Elevated European storage levels and limited room for injection combined with continued weakness in European & Asian demand are expected to subdue further TTF upside over the balance of summer according to Timera Energy.

  • Prices have rebounded in June from the earlier downtrend as both Norwegian & LNG supply to Europe fell in June, in part due to planned maintenance with curve and prompt prices moving higher in tandem.
  • The significant curve contango highlights the risk this winter and into 2024, with a further tightening of European gas balances possible given limited new global supply, continued downside risk to Russian piped flows and uncertain demand evolution.

Source: Timera

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